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The approval
for establishing Saudi National Company was issued by the Royal Decree N0 m/5
on 2/21398H according to company regulations and was established on
1/12/1399H. The capital of the company at foundation was SR 50,000,000. This
amount has rose to SR 2,000,000,000 (out of this amount SR 1,250,000,000 were
paid). The company is managed by administrative board consisting of nine
members, four of them including the chief were assigned by the state in
addition to five members whom were chosen through election at the head
center. The company has three regional centers:
Regional
center in the Middle East at Riyadh including branches at Jeddah, Dammam,
Jubail, Dubai, North America, New York-city, far east, southeastern Asia and
Tokyo.
The fleet of the company for carrying
general cargo consists of eight ship Rorohi: Saudi Riyadh, Saudi Makkah,
Saudi Abha, Saudi Deriyah, Saudi Hafouf, Saudi Tabuk, Saudi Hail, Saudi
Qusseim. All of these ship are in good condition and were furnished to carry
a variety of cargo. Total capacity of the fleet is over 300 ton or the
equivalent of 15088 containers. In addition to that the company possessed a
fleet of carriers since 1985 when carrier Augbah Bin Nafie was launched with
capacity of 42825 ton. In 1990 nine carriers were purchased: Bahah, Asseir,
Arar, Madinah, Jezan, Jouf, Tohamah, Yamamah and Najran.
The total capacity of these carriers is
268700 ton. They were operating in a joint venture with the Norwegian Stoly
company in the middle of 1990 as much as 18 carriers. Nine carriers belong to
Stoly company in addition to carriers from national company for chemicals
which was established with a capital of SR 200,000,000. The company possesses
80% and SABIC 20%. The Saudi company for sea transportation takes the fifth
rank in the international classification after the addition of these
carriers. The number of ports served by the company through its regular lines
are over 41. In 1990, the operation revenues reached more than SR 657,000,000
and the visit of the ports reached 527 in addition to 47 voyages. With regard
to national exports service, the company is expecting to boost the Saudi
exports because it was deemed among pioneer companies at this field, in
addition, she is first company to start carrying Saudi Petrochemicals.
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